I'm not sure... I'd look for something else... Most Arduino's don't have a DAC.You might try a Raspberry Pi. It's got a "soundcard". And, with an operating system it should be easier to program (although a multitasking operating system means you need buffers which add delay).There are also specialized DSP chips, but I don't know how easy it is to find a hobbyist-friendly one.
The newer Arduino do not have DAC?